The Executive Condominiums in Singapore are also called EC. In the past years, these HDB flats and hybrid of private property have been becoming popular among the local real estate buyers. The amenities offered by the ECs are usually for you to that of the private properties. The ECs are certainly one good way to enjoy luxury living. Their costs are quite affordable to the mass market.
Market and selling restrictions
The main difference in between Executive Condominium and the private condominium could be the ownership reduction. Owners of the ECs in order to be fulfil the equivalent of 5 years occupation frame of time. This restriction is similar for the HDB ownership rules. Any EC owner can sell the unit only after 5 years of occupancy. However, the information mill limited only to the Singapore Citizens and also the Singapore Permanent Residents. Subsequent EC will acquire its privatized status, it is free of charge to be sold for the foreigners. The privatized status can be acquired after 10 yrs.
Because the ECs were meant for that use of your local homebuyers who cannot afford the prices of a private property and are also not legible to acquire new HDB flats, the restrictions were quite strict. If you are an investor, investing funds in an EC is not favorable. The Executive Condominiums are also priced about 25% less than the private condominiums from the same area. In addition, it is susceptible to a 99 year leasehold. The ECs are not considered being a freehold home or property.
Benefits of EC buyers
The EC buyers should apply for that CPF Housing grants. The CPF Housing grant possesses its own set of eligibility measures. To know if you are eligible, you can inquire on the Singapore govt. The grant ranges from $10,000 to $30,000 but very much dependent of the evaluation of the household gross income.
The high return of investment one of several EC properties are definitely dependent over their location. The facilities provided the ECs are closer to the form of amenities offered by the condominiums located close to the area. The Bishan Loft has been considered among the top performing ECs. Its proximity towards the Bishan MRT station is specially appealing to your working class. Besides, it lies close to the Bishan Junction 8 nearby mall and the MacRitchie Reservoir Park.
What obtain? EC or BTO?
The ECs are made by private web developers. The potential buyer of ECs are individuals who can afford more than a BTO but cannot spend the money for Fourth Avenue Residences price associated with private residence. The BTOs are being sold for the subsidized price so you do not have to raise cash for an upfront payment. The budget and the restrictions for this EC might be of interest more carefully.